Companies involved in due diligence, M&A or other transactions need to be able share sensitive data in a secure way. The top virtual data room providers provide a secure platform which can be accessed at any point of the day, on any device. They also allow for easy collaboration between the parties and provide an experienced support team that is ready to help with any issues that may arise.
A quality VDR will also provide advanced analysis and reports. This lets stakeholders track virtual data room providers levels of engagement and activity in real-time. This will improve transparency and accountability during a due diligence process and allow managers to spot security threats.
The best virtual datarooms are easy to manage and set up, and also offer numerous options that can be tailored to different industries and project requirements. FirmRoom is a good example. It provides bank-grade security with an easy user interface to simplify document management and collaboration. It also offers robust redlining and editing features to speed up deal processing. Other features include two-factor authentication as well as session timeouts and location restrictions.
Other industry-specific features include compliance reporting, a searchable archive of documents, as well as secure filesharing. These features can help ensure that companies comply with regulatory requirements and adhere to their privacy policies. In addition, it’s important to find a vendor that offers flat-rate pricing options that are either monthly or annual. This could save companies money over the traditional pricing per page which can be expensive in the event that a project requires the upload of a lot of documents to be uploaded.